Most businesses still depend on manual, paper-based invoice processing. Putting paper invoices, and all the headaches that come with them, in the past is one of the best changes an Accounts Payable department can make—enabling them to focus on more strategic projects and value-added tasks.
“Paymerang Invoice Automation is revolutionary for clients that want to move into the digital age,” said Nasser Chanda, CEO of Paymerang, noting that it leverages the latest machine learning technology. “Invoice automation is a critical component to full-scale accounts payable automation, thereby helping organizations become more efficient, secure, and profitable.”
Paymerang’s Invoice Automation Solution utilizes artificial intelligence to read captured invoices and extract data points, minimizing the amount of manual data entry. It allows Accounts Payable professionals to gain immediate visibility to all invoices and their approval status, along with enabling companies to go paperless through electronic processing and archiving. The solution increases workflow efficiency through the ability to electronically route and approve invoices. Invoices can be ingested in bulk and split appropriately after they are loaded thus cutting down on time spent inputting invoices into the system. All actions taken on a given invoice are captured and documented, providing an electronic audit trail.
Paymerang recently provided a seamless integration of the Invoice Automation Solution to the accounts payable processes at Collegiate School in Richmond, Va. “We’re delighted with the efficiencies in approving and posting invoices that have been gained through this quality financial product,” said Jenn Quindoza, Controller/Risk Manager for The Collegiate Schools. “Our budget managers now have instant access to processed invoices, and they love that it’s paperless.”
Click here to learn more about Paymerang’s Invoice Automation Solution.